Mortgage Daily

Published On: November 5, 2002
9 to 5

Mortgage employment continues to rise, for now

November 5, 2002

By MortgageDaily.com staff

Employment numbers in the mortgage industry continued to rise in the month of October, according to the monthly employment report from the Bureau of Labor Statistics. The improvement comes amidst rising unemployment in the U.S. and a drop in mortgage activity.

The industry, which includes mortgage bankers and mortgage brokers, employed about 398,000 people last month, up from 381,000 in September and 374,000 in August, according to the seasonally adjusted report.

The October number represents 57,000 more lending jobs than the same time last year.

However, a the Mortgage Bankers Association of America’s mortgage loan application index for the week ending Oct. 25 brings some negative news to the positive bureau report: loan applications decreased 19.3% to 911.0 on a seasonally adjusted basis from 1128.3 the previous week.

The record high application index of 1238.2 was set the week ended Sept. 6.

The bureau reported general unemployment during October at 5.7%, the same rate in August. September’s was 5.6%, and the highest unemployment rate in 2002 was 6% in April.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN